LAS VEGAS


,


Aug. 31, 2022


/PRNewswire/ — MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today announced that its public tender offer for the shares of LeoVegas AB (publ) (“LeoVegas”) has been accepted by 96% of LeoVegas shareholders at a price of

SEK 61.00

in cash per share, equivalent to a total tender value of approximately

$604 million


ⁱ

. Settlement of the shares is expected to be initiated on or around

September 7, 2022

.

“The completion of this transaction represents a major milestone for MGM Resorts as we continue to pursue our strategy of growing our online gaming footprint worldwide,” said MGM Resorts’ CEO & President

Bill Hornbuckle

. “We look forward to welcoming the LeoVegas team and are excited to begin working with them to grow our global digital gaming business and maximize the full potential of our omnichannel strategy.”

“Joining forces with MGM Resorts is a major win for LeoVegas and we’re excited to begin working with our new teammates to build upon the work we’ve done over the last 10 years,” said LeoVegas Group CEO

Gustaf Hagman

. “MGM Resorts is a premier gaming entertainment company and we look forward to leveraging their expertise to further our long-term strategic goals.”

Founded in 2011 by

Gustaf Hagman

and

Robin Ramm-Ericson

, LeoVegas is a leading global online gaming company with licenses in nine jurisdictions primarily in the Nordics and rest of

Europe

. LeoVegas generated

EUR 394 million

in revenue and

EUR 46 million

in Adjusted EBITDA

ⁱⁱ

during the twelve months ended

June 30, 2022

. The business is headquartered in

Stockholm

with major offices in

Malta

,

United Kingdom

and

Milan

.

MGM Resorts believes the acquisition of LeoVegas will provide a unique opportunity for the Company to create a scaled global online gaming business with the following attributes:

• 
  Strategic Opportunities to Accelerate Growth and Product Offerings
  
  – LeoVegas’ online casino and sports betting capabilities and strong customer base outside of the U.S. is expected to further expand MGM Resorts’ presence around the world.
• 
  Experienced Online Gaming Management Team and Superior Technology Capabilities
  
  – LeoVegas’ management team has demonstrated the ability to develop a robust and scalable technology platform with advanced product offerings.
• 
  Commitment to Continued Profitable Growth
  
  – LeoVegas has operated profitably as a high-growth platform since 2014. From 2017 to 2021, LeoVegas’ revenues compounded annual growth rate was 16%, while maintaining strong profitability. MGM Resorts’ scale, brands and expertise will allow the combined businesses to expand within existing gaming segments and provide incremental opportunities to enter new areas.

Advisors



MGM Resorts has retained Goldman Sachs & Co. LLC. as financial advisor, Advokatfirman Vinge KB and Weil, Gotshal & Manges LLP as legal counsel and Fox Rothschild as gaming counsel in connection with the offer.

About MGM Resorts International



MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of

Las Vegas

-inspired brands. The MGM Resorts portfolio encompasses 33 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company’s 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in

Asia

through the integrated resort opportunity in

Japan

. Through its “Focused on What Matters: Embracing Humanity and Protecting the Planet”


philosophy


, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information, please visit us at


www.mgmresorts.com


. Please also connect with us @MGMResortsIntl on


Twitter


as well as


Facebook


and


Instagram


.

About LeoVegas Mobile Gaming Group



LeoVegas’ vision and position is “King of Casino”. The global group LeoVegas Mobile Gaming Group offers games on Casino, Live Casino, Bingo and Sport. The parent company LeoVegas AB (publ.) is located in

Sweden

and its operations are mainly located in Malta. The company’s shares are listed on Nasdaq Stockholm.

www.leovegasgroup.com

Forward Looking Statements



Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in the Company’s public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “could,” “may,” “will,” “should,” “seeks,” “likely,” “intends,” “plans,” “pro forma,” “projects,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The Company has based forward-looking statements on management’s current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company’s expectations regarding the closing of the acquisition and any benefits expected to be received from the acquisition. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. The Company does not guarantee that the transaction or other events described herein will happen as described (or that they will happen at all). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to the Company’s ability to complete the transaction on the terms described herein or all, the satisfaction of the closing conditions, including the receipt of regulatory approvals, to which the completion of the transaction is subject, which could delay or prevent the completion of the transaction, the continued impact of the COVID-19 pandemic on the Company’s business, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout

the United States

and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

MGM RESORTS CONTACTS

Investment Community:



ANDREW CHAPMAN

, Director of Investor Relations

(702) 693-8711,

[email protected]

News Media:



BRIAN AHERN

, Executive Director of Communications


[email protected]

LEOVEGAS CONTACTS

Gustaf Hagman

, Group CEO

+46 (0) 8 410 367 66,

[email protected]

Stefan Nelson

, Group CFO

+356 993 942 68,

[email protected]

Philip Doftvik, Director of Investor Relations and Corporate Finance +46 (0)73 512 07 20,

[email protected]

i Based upon 97,652,970 outstanding shares of LeoVegas and a USD/SEK exchange rate of 9.87.

ii Definition of Adjusted EBITDA per LeoVegas’ financial reports. The amount has been calculated as the sum of the Adjusted EBITDA figures in LeoVegas’ financial reports for the third and fourth quarters 2021 and the first and second quarters 2022.

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SOURCE MGM Resorts International